Jakarta – The government has emphasized that strengthening the Financial Sector Development and Strengthening Law (UU P2SK) is a strategic step to strengthen the resilience of the national financial system while encouraging more inclusive, competitive, and sustainable economic growth.
The revision of the P2SK Law, which has been passed by the House of Representatives (DPR), is considered to strengthen the foundation of the financial sector in facing increasingly dynamic global economic challenges.
The government views the financial sector as a crucial driver of national economic growth by expanding access to financing, increasing financial inclusion, and strengthening financial system stability.
Therefore, various improvements in the P2SK Law are aimed at ensuring the financial sector can more effectively meet the needs of the public and the business world.
Finance Minister Purbaya Yudhi Sadewa emphasized that the changes to the P2SK Law are part of a broader national financial sector reform agenda.
“The seventeen topics in the revised P2SK Law are crucial for promoting inclusive national economic growth, as directed by President Prabowo Subianto,” he said.
The revised P2SK Law includes 17 strategic changes, including strengthening the institutions of Bank Indonesia, the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS), expanding financial inclusion, strengthening supervision of the financial services sector, developing financial markets, regulating crypto assets, and eliminating bad debts for MSMEs to enable businesses to return to productivity.
The government believes that one of the important benefits of the revised P2SK Law is broader access to financing for the productive sector, particularly MSMEs, which have long been the backbone of the national economy. The policy of eliminating bad debts for MSMEs is expected to provide new opportunities for businesses to re-emerge and contribute to economic growth.
Furthermore, strengthening regulatory authority and coordination between financial authorities is considered to improve the stability of the national financial system. This step is crucial given the development of financial technology, digital assets, and the ever-growing complexity of the financial industry.
The Chairperson of the House of Representatives’ Working Committee for the P2SK Law Revision, Mohamad Hekal, stated that one of the main objectives of the revision is to provide greater space for the business sector to grow.
“This change provides a second opportunity for MSMEs to re-engage in economic activities and strengthen their contribution to national growth,” he concluded.